9 steps to preparing for parenthood

Many new parents want to stay home during the first weeks or months following their baby's birth. If this is a priority, start saving now for the financial hit that will come from having just one source of income (or none, if both parents stay home) coming in.

"Kids are way more expensive than people think," Lane says.

"The diapers, the formula, the baby food, the extra takeout because you haven't had any sleep and you need to not cook tonight -- those are expenses that come up."

Don't expect Uncle Sam to defray those costs, Greenfield says.

"A lot of people think, 'Family Medical Leave Act -- you get three months off,'" Greenfield says. "But people don't realize that's three months without pay. Most people can't afford that."

Lane recommends expectant couples begin living on whatever their income will be while Mom is out of work. Put whatever savings are leftover into an emergency fund.